Crib Chatter

Many of you long time readers will remember this 3-bedroom newer construction house in the Residences of Old Irving Park at 3922 N. Kilbourn in Old Irving Park from our chatter in August 2008.

See the August 2008 chatter and pictures here.

At the time, the house was simply under stress but a foreclosure auction had been scheduled.

Apparently, that was not a success and the house reverted back to the bank for six months before selling in 2009 for nearly 50% off the 2006 purchase price.

After some renovations, the house has returned to the market (this time with its appliances.)

If you recall, the house is built on a double lot of 50×98 and has a two car garage (see the 2008 post for pictures of how the house is situated on the lot.)

All 3 bedrooms are upstairs and there appears to be an additional bedroom in the basement as well.

The kitchen has 42 inch cabinets, stainless steel appliances and granite counter tops.

Prime Market Realty has the listing. See more pictures here.

3922 N. Kilbourn: 3 bedrooms, 3.5 baths, 3078 square feet, 2 car garage

• Sold in November 2006 for $805,000
• Was listed in August 2008 as a short sale for $749,900
• Foreclosure auction scheduled for Aug 1, 2008
• Foreclosure auction price of $653,508
• Bank owned in September 2008
• Sold in March 2009 for $432,500
• Originally listed in April 2010 for $598,000
• Reduced
• Currently listed for $585,000
• Taxes of $7875
• Central Air
• Bedroom #1: 12×18
• Bedroom #2: 10×18
• Bedroom #3: 9×14
• Bedroom #4: 11×14 (basement)

The developer has just cut prices up to $100,000 at Phase II of the townhouses at Wabansia Row at 2330-2334 W. Wabansia in Bucktown.

The prices now range from the following:

• $699,900 for a 3-bedroom townhouse with 3,096 square feet  up to $949,000 for a 4-bedroom townhouse with 4,655 square feet

The press release announcing the price cuts extolled the price increases in the last year in the Bucktown neighborhood.

Few Chicago neighborhoods have weathered the housing downturn like Bucktown, which has seen its popularity continue to rise among upscale city homebuyers. The latest data from BrokerMetrics® and Midwest Real Estate Data, LLC shows Bucktown’s median sales price has climbed steadily for four straight months and is up 1.5 percent from May 2009 to May 2010.

“Bucktown is as hot as it’s ever been. It’s got a great vibe that you just don’t find anywhere else in the city. The combination of upscale living along with the boutiques, restaurants, bars and arts scene is very unique. And Wabansia itself is a great street. Within the past few years, the city has built a new public library and a new park on the street,” said Tony Madonia.

 (Tony Madonia is the @properties exclusive sales agent on the development.)

Is Bucktown pricing holding up better than some of the lakefront north side neighborhoods?

@Properties is handling sales.

Townhouses in Bucktown Reduced up to $100,000 at Wabansia Row [Press Release, June 22, 2010]

Wabansia Row Phase II [website]

I missed the sale on this 2-bedroom fee simple townhouse at 1616 N. Larrabee in Lincoln Park.

We had chattered about it several times last year as it kept getting reduced.

See our December 2009 chatter here.

It finally sold in February 2010 after 16 months on the market for nearly $150,000 under the original listing price.

It also sold for $5,000 under the 2004 purchase price.

It had great outdoor space for entertaining, including a 900 square foot patio.

Eileen Brennan at Prudential Rubloff had the listing.

1616 N. Larrabee: 2 bedrooms, 2.5 baths, 1500 square feet

• Sold in June 1992 for $240,000
• Sold in October 1999 for $378,000
• Sold in April 2004 for $505,000
• Originally listed in September 2008 for $649,000
• Reduced several times
• Was listed in February 2009 at $609,000
• Reduced
• Was listed in April 2009 at $598,000
• Reduced
• Was listed in June 2009 for $569,000 
• Reduced
• Was listed in September 2009 for $540,000
• Reduced
• Was listed in December 2009 for $510,000
• Sold in February 2010 for $500,000
• No assessment – fee simple
• Taxes of $7,767
• 900 square foot patio
• 1 car garage
• Central Air

We last chattered about this “true” vintage top floor 2-bedroom at 817 W. George in Lakeview in April 2010.

See our April 2010 chatter and pictures here.

Since then, it has been reduced nearly $15,000.

There is no cookie-cutter here.

The home has nearly all of its vintage features intact but has been updated with modern amenities.

The kitchen has been opened to the family/dining room. It sports white cabinets and a 6-burner Viking stove and stainless steel refrigerator.

The dining room has been converted into a family room in the rear of the unit and still sports the original dining room hutch and beamed ceilings.

There is also stained glass in the living room, a fireplace and the original pier mirror in the foyer.

The unit has an in-unit washer/dryer and central air. There is no parking but it is available in the neighborhood and the Diversey Brown Line stop is just minutes away.

Ed Jelinek at Coldwell Banker still has the listing. See more pictures here.

Unit #3W: 2 bedrooms, 1 bath, no square footage listed

• Sold in August 2001 for $315,000
• Sold in April 2005 for $366,000
• Originally listed in February 2010 for $375,000
• Reduced
• Was listed in April 2010 for $349,900
• Reduced
• Currently listed for $335,000
• Assessments of $345 a month (includes heat)
• Taxes of $4301
• Central Air
• In-unit Washer/Dryer
• No parking
• Bedroom #1: 11×12
• Bedroom #2: 9×11
• Family/dining room: 11×17

It’s that time of the month again to get the data about the state of the market from the Illinois Association of Realtors.

In the city of Chicago, May total home sales (single-family and condominiums) were up 32.1 percent to 2,057 sales compared to 1,557 homes sold in May 2009, the ninth consecutive month of year-over-year sales gains. Another positive: the city of Chicago median price in May 2010 was $230,000, up 2.2 percent compared to $225,000 a year ago in May 2009.

Just to keep things in perspective, here is the monthly May sales data for the last three years:

• May 2010 sales: 2057
• May 2009 sales: 1557
• May 2008 sales: 2119

Reminder: These are closings that were fueled by the government tax credits.

The real estate industry has been urging an extension of the closing deadline for the credits (which is currently next week- June 30). This would assist those buying new construction homes that will not be completed by the deadline as well as others having trouble completing the closing.

An extension has already been included in at least one Senate bill (closing would be extended by a two months) but it was not passed. It looks like there won’t be time to try again before the expiration but we shall see.

“Buying conditions remain favorable even as the homebuyer tax credit has expired with mortgage interest rates hovering at historic lows combined with affordability conditions that essentially give buyers ‘more bang for their buck’ when purchasing a home in today’s market,” said REALTOR® Mike Onorato, GRI, president of the Illinois Association of REALTORS® and broker-owner of Onorato Real Estate in Coal City. “Clearly in May we saw a high volume of closed home sales transactions generated by the tax credit incentive that ended on April 30. REALTORS® are urging Congress to extend the closing deadline for those who qualified for the tax credit beyond June 30 as some may not be able to close their transaction in time given the number of contracts pending and delays resulting from short sales and the appraisal process.”

“The increase in units sold is a positive indicator that the tax credit created a more positive impact on the Chicago marketplace than the movement we saw in 2009. Additionally, the credit afforded buyers the opportunity to look at higher-priced homes, helping keep their options more affordable,” said REALTOR® Mabel Guzman of Century 21, S.G.R., and president-elect of the Chicago Association of REALTORS®. “For homes to sell, jobs need to be created in order for consumer confidence to escalate, and buyers to jump off the fence without a credit to purchase a home today.”

Given the anemic sales numbers, even with the tax credit, what are the odds that Congress enacts yet another, and possibly larger, tax credit come fall?

Double-Digit Home Sales Gains Continue in Illinois; Statewide Median Price Up 0.6 Percent [Illinois Association of Realtors, Press Release, June 22, 2010]

This unique 4-bedroom 4-bath duplex unit at 400 E. Randolph in Lakeshore East, or the Millennium Park neighborhood, just came on the market.

It is bank owned and the listing says “attention investors and rehabbers!”

Each floor has two bedrooms and two baths. It appears two 2/2 units were combined with a circular staircase.

There are, therefore, two balconies- but it appears from the pictures that the unit looks north (and does not have Millennium Park views.)

There is no central air and only leased parking.

I don’t see anything in the listing about an in-unit washer/dryer.

From the listing, there appears to be one picture of the kitchen (maybe?) but I can’t tell if the appliances and cabinets are intact.

There are also hardwood floors in the main living areas.

Could this be a deal for someone looking for a lot of space for little price in a Lakeshore East location?

Ayoub Rabah at Great Street Properties has the listing. See the pictures here.

For people looking up this property in the public records, there are two PIN numbers- one for each original unit.

Unit #920: 4 bedrooms, 4 baths, no square footage listed

• Sold in March 1997 for $294,000
• Sold in January 2006 for $785,000
• Lis pendens in May 2008
• Bank owned in March 2010
• Currently listed for $399,900
• Assessments are $1654 a month (includes heat)
• Taxes of $2764 (there might be a separate tax bill on the second PIN number, I don’t know)
• Bedroom #1: 12×18 (main floor)
• Bedroom #2: 10×14 (main floor)
• Bedroom #3: 12×18 (second floor)
• Bedroom #4: 10×14 (second floor)

This 6-bedroom rowhouse at 3825 N. Alta Vista just came on the market and is one of the larger ones we’ve chattered about on historic Alta Vista in Lakeview.

The street is loved by many for its vintage rowhouses all built around the turn of last century and meant to mimic London rowhouses. It is a landmark district.

This rowhouse has all the bells and whistles with central air and a 1-car attached garage.

The kitchen and bathrooms appear to be updated as well. The kitchen has granite counter tops and stainless steel appliances.

The rowhouse also has a back second floor deck and skylights.

The 6-bedrooms are scattered on the second and third floors.

Connie Atterbury at Dream Town Realty has the listing. See more pictures and the floorplan here. Or here.

3825 N. Alta Vista: 6 bedrooms, 3.5 baths, 1 car garage

• Sold in June 2000 for $595,000
• Currently listed for $899,000
• Taxes of $6663
• Central Air
• Skylights
• Bedroom #1: 19×13 (second floor)
• Bedroom #2: 8×15 (second floor)
• Bedroom #3: 11×10 (second floor)
• Bedroom #4: 10×20 (third floor)
• Bedroom #5: 12×8 (third floor)
• Bedroom #6: 11×10 (third floor)

This large 1-bedroom condo at 530 N. Lake Shore Drive in Streeterville has been listed on and off since November 2009.

It is now priced $55,600 under the 2004 purchase price.

530 N. Lake Shore Drive was completed in 2003/2004.

The unit is a large one bedroom at 1050 square feet and has 1.5 baths.

It has hardwood floors in the main living space and peekaboo views of the lake.

The kitchen has granite counter tops and stainless steel appliances.

Parking is included with this price.

Is this a deal compared to all of the other relatively new 1-bedroom condos in Streeterville?

Amy Reynolds at Prudential Rubloff has the listing. See the pictures here.

Unit #1202: 1 bedroom, 1.5 baths, 1050 square feet

• Sold in August 2004 for $385,500 (looks like it included the parking)
• Originally listed in November 2009
• Withdrawn
• Re-listed in May 2010 for $347,500
• Reduced
• Currently listed for $329,900 (includes the parking)
• Assessments of $516 a month (includes A/C, doorman, cable)
• Taxes of $5135
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×15

We last chattered about this 1-bedroom unit in the Fairbanks at City Front Plaza at 240 E. Illinois in Streeterville in August 2008 when it appeared to be the first unit to have a lis pendens filed against it.

See our August 2008 chatter here.

Back in August 2008, we were still chattering about flips in this building which was completed in 2006. How quaint those days seem now.

Nearly two years later, that lis pendens has turned into a “as is” sale.

From the pictures, it appears the kitchen and bathroom are intact.

It has hardwood floors and in the kitchen there are stainless steel appliances and granite counter tops.

I cannot tell from the listing if it includes the parking or not. It appears that parking was bought with the unit in 2007.

While I couldn’t find an original sales price, given prices of similar units in the buiding, it would seem likely it sold for the low $400,000s in 2007.

If this unit does NOT include the parking space, is this price even much of a deal?

Ayoub Rabah at Great Street Properties has the listing. See the pictures here.

Unit #602: 1 bedroom, 1 bath, no square footage listed

• Sold in August 2007  (I couldn’t find a sales price)
• Lis pendens filed in August 2008
• Public records don’t indicate it is bank owned but it appears to be
• Currently listed for $348,900 (can’t tell if parking is included or not)
• Assessments of $538 a month (includes heat, a/c, doorman, pool, cable)
• Taxes of $5193
• Central Air
• Washer/Dryer in the unit
• Bedroom: 15×11
• Living room: 22×13
• Kitchen: 14×8

This 2-bedroom unit at 1433 W. Addison in a prime area of Southport went under contract just as the tax credit was expiring and just closed (in time for the end of June deadline in order to cash in on the credit.)

It was a top floor 2/2 with a balcony.

Converted in 2006, it had cherry cabinets, stainless steel appliances and granite counter tops in the kitchen.

There was central air, an in-unit washer/dryer but there was no deeded parking.

It also closed for $55,000 under the 2006 purchase price but $100 above the original list price.

Were many of these conforming loan sales simply pulled ahead due to the tax credits?

Matt Garrison at Coldwell Banker had the listing.

Unit #3: 2 bedrooms, 2 baths, no square footage listed

• Sold in May 2006 for $405,000
• Originally listed in April 2010 for $349,900
• Sold in June 2010 for $350,000
• Assessments of $258 a month
• Taxes of $5799
• Central Air
• In-unit washer/dryer
• No parking
• Bedroom #1: 13×11
• Bedroom #2: 13×12
• Living room: 27×14
• Kitchen: 15×10